NoSpiritAnimal ,
@NoSpiritAnimal@lemmy.world avatar
invertedspear ,

Canoo has revenue? They’re not selling cars yet. Probably ought to be better with the runway cash but pretty much all their expenses are going to exceed their revenues to they’re making cars.

Blackmist ,

Tech companies grifting? Say it ain’t so!

KingThrillgore ,
@KingThrillgore@lemmy.ml avatar

Now this is just straight up fraud

mPony ,

now now, it might be slightly curved fraud

Nfamwap ,

It’s as bent as a 3-speed walking stick

AbsurdityAccelerator ,

Why the hell did I listen to some rando on Wallstreetbets and bought that stock I will never know. I refuse to sell it though since it’s a good reminder to not get sucked into that again.

Obi ,
@Obi@sopuli.xyz avatar

I did that with a weed-adjacent stock I got some years ago for fun, it went all the way to 0 I never sold it to keep it as a reminder not to be a dumbass and treat stocks like the casino. Now it’s gone though it got re-incorporated and I guess now they’re gone. These days it’s VWCE and chill for me.

vinceman ,

God I hate Canoo. I was so into the design the first time I saw a photo, and it’s felt like vaporware ever since. Always seems to be 6 months from delivering something, some new deal signed with Walmart getting publicity and stuff like that without anything to show for it.

Fredselfish ,
@Fredselfish@lemmy.world avatar

Oklahoma was supposed to have plant to build these haven’t heard anything since. That was 2 years ago.

sabreW4K3 ,
@sabreW4K3@lazysoci.al avatar

I’m a little annoyed by this as I was really looking forward to what Arrival could bring to the EV space.

LesserAbe ,

I doubt the guy needs a private jet, but the company only made like $800k last year, the rest of the company’s expenses were like $250 mil. For a startup I would guess they’d argue they’re in the pre revenue phase.

Windex007 ,

In 2022 their revenue was 0 so by my math the private jet was infinity times revenue.

lanolinoil ,
@lanolinoil@lemmy.world avatar

err can’t divide by 0

Jake_Farm ,
@Jake_Farm@sopuli.xyz avatar

So he bankrupt the company by flying too much? Isn’t that just embezzlement?

ThirdWorldOrder ,

My dad was a C-suite at a major telecom company. The CEO also had a private plane that the company would then pay him to use lol. This was like 20 years ago and thought it was a bit shady back then.

lanolinoil ,
@lanolinoil@lemmy.world avatar

I’ll take evil shit AT&T does for 2000

ThirdWorldOrder ,

Lemmy is small enough so I’ll just say Nextel

lanolinoil ,
@lanolinoil@lemmy.world avatar
ThirdWorldOrder , (edited )

Haha well done. It was Nextel International and the CEO was Steve Schindler

My dad is one of these guys at the bottom of the page

www.washingtonpost.com/wp-srv/…/NIHD.html

casmael ,

That’s uhhhh not a good look bud

Potatos_are_not_friends OP ,

Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft. In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.

In other words, he uses company profit to pay his own private company to pay for his rides.

Kraven_the_Hunter ,

Well, he uses company revenue anyway. There may not be any profits to dip into, which makes this even worse.

some_guy ,

Hey, if a ceo was meant to drive, we wouldn’t have invented planes.

partial_accumen ,

Canoo is publicly traded, isn’t it? Wouldn’t this raise questions of breech of fiduciary responsibility?

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